India has become the fastest running economy in the world by overtaking China. During the January-March quarter, the GDP grew at a rate of 7.7 per cent. The pace of Indian economy has been 6.7 per cent in fiscal year 2017-18. The government has released GDP data on Thursday.
Earlier, in February, the government had estimated GDP growth at 6.6 per cent. The estimate released on Thursday is much higher than that estimate. In January-March quarter, China’s growth was 6.8 percent, much less than India. These figures of GDP are a sign of improvement in good corporate income and industrial input data.
The estimation of the Central Statistics Office shows that Gross Value Added is 6.5 percent during the financial year 2017-18. The speed of GVA is slower than last year. Last year it was 7.1 percent. GVA has been estimated to be 7.6 percent during the quarter ended March. This is more than 6.6 percent of the October-December quarter.
In the January-March quarter, the manufacturing sector grew at 9.1 percent. During the same period last year, it grew at a rate of 8.1 percent.Earlier, economic experts had claimed that the Indian economy has benefited from the manufacturing sector and consumer spending in the quarter. In view of this, the central government can come up with its estimation and issue a figure of growth in China once again. Their guess has been proved right.
At the beginning of this week, Central Government Economic Affairs Secretary Subhash Chandra Garg had claimed that during the January-March quarter, GDP growth in Asia’s third largest economy is expected to be 7.3 percent to 7.5 percent.